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March 3, 2008 |
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TATA STEEL: Three Greenfield Projects Face Delays Tata Steel Ltd.'s three greenfield projects have been delayed by about 12 to 16 months because of land acquisition and resettlement issues, Ishita Ayan Dutt at the Business Standard says, citing Tata Steel executives as source. Tata Steel intends to build three plants in Jharkhand, Orissa, and Chhattisgarh, which capacity is estimated to aggregate 23-million tonnes. According to the BS report, the company plans dole out about INR90,000 crore in the three projects. According to the report, construction of the Jharkhand plant has not started yet with about 400 families still to be re-settled. The company has yet to get recommendation for iron ore mines for its Orissa project. The Chhattisgarh project, first phase of which is planned to be commissioned by 2011 and the second phase by 2015, is also facing litigation over mines, BS adds. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/ -- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd., and changed the outlook to negative from stable. |
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